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CGI Group founder and chairman Serge Godin, left, and chief executive Michael Roach get set to start of the company's annual meeting Wednesday, February 1, 2012 in Montreal.
CGI Group founder and chairman Serge Godin, left, and chief executive Michael Roach get set to start of the company's annual meeting Wednesday, February 1, 2012 in Montreal.
(Ryan Remiorz/CP)

CGI’s messy stock sale is cleaned up

The brokerage unit of Canadian Imperial Bank of Commerce yesterday cleaned up a messy stock sale undertaken for the Caisse de dépôt et placement du Québec, unloading at a discount a big block of CGI Group Inc. shares that had gone unsold for a week.

On Nov. 26, the Caisse sold 9.96 million CGI shares. A quarter of those, worth $100-million, went to CGI as a buyback. The other 75 per cent, worth $300-million, went to CIBC’s wholesale unit to be resold to investors. The net price paid by CIBC was $40.15, a discount of just 1.4 per cent from the closing price the previous day.